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Buy RBL Bank; target of Rs 582: HDFC Securities HDFC Securities is bullish on RBL Bank has recommended buy rating on the stock with a target price of Rs 582 in its research report dated April 28, 2018...RBL Bank..RBL Bank (RBK) delivered across parameters, again. Best-in-class growth (+37% YoY) and robust fees (+33%) drove net earnings (~Rs 1.8bn, +37% YoY). NIM jumped for the 8th successive quarter, just shy of 4% (up 46/9bps YoY/QoQ) with the retail thrust. Asset quality healed, barring agri loans. RBK beefed up coverage (~57.6%, up ~400bps QoQ) even as net stress dropped 29bps to 0.86%. Solid CASA accretion (+41% YoY) continued, with differential SA rates. Customer acquisition was robust (4.5mn total). .Outlook- As high-yielding retail loans rise and the lucrative BBB vertical expands, an uptick in profitability is inevitable. We have factored in a 6bps jump in RoAA over FY18-20E. Maintain BUY with a TP of Rs 582 (3x Mar-20E ABV of Rs 194).
RBL Bank Buy CMP: ₹523.10 Tgt: ₹600 For Q4FY18, reported good results with decline in NPAs & healthy loan growth. Net interest income grew 42.1% y-o-y to ₹500cr on the back of advances growth of 36.7% to ₹40,268 cr as on March 2018. NIM improved by 46 bps y-o-y and 9 bps q-o-q to 3.98%. Pre-provisioning profit grew 36.0% despite an increase of 70 bps in cost-income ratio at 52.8%. Net profit grew 36.9% to ₹178 crore. Business of bank grew at robust pace 31.4% yoy to ₹84,170 cr as on March 31.Upgraded rating to ‘Buy’ on the basis of improving nos & comfortable valuations. The bank has consistently reported decline in NPAs on the back of improving recoveries across all segments and maintained its robust growth trajectory. Business CAGR of 37% over FY18-20E, 1.47% RoA and 17.8% RoE by end FY20E. Considering the robust growth expectations, improving asset quality and comfortable valuations of 2.6x its FY20E ABV, Positive RBL Bank, target ₹600. May 7
Positional Banknifty futures strategy
Last call update
27 Apr 18: Bought @ 25460 n holding since trend is UP
Performance FY 2017-18
Ledger Balance as on
01 Apr 2017 : Rs 82000
31 Mar 2018: Rs 371000
Made returns of 350% +
Supporting Profit loss and ledger balance statement can be seen. Call at 8004658628
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